During an interview with Lee Simpson, Stifel Tech Analyst, Brad Garlinghouse Ripple CEO, revealed that over 50% of Bitcoin is owned by China”. He made this remarks at Stifel’s Cross Sector Insight Conference. He also claimed that “blockchain will not disrupt banks.” “it will play an important role in the way our system works. It’s a short-sighted view…”

During an interview with Lee Simpson, Stifel Tech Analyst, Brad Garlinghouse Ripple CEO, revealed that over 50% of Bitcoin is owned by China”. He made this remarks at Stifel’s Cross Sector Insight Conference.

He also claimed that “blockchain will not disrupt banks.” “it will play an important role in the way our system works. It’s a short-sighted view…” he said.

In the same interview in front of the crowd at Stifel’s Cross Sector Insight Conference, Garlinghouse claimed bitcoin had a number of issues.

“Bitcoin is not the panacea we thought it would be,” Garlinghouse told the crowd.

He continued by telling the crowd a personal story saying:

“About two and a half years ago, one of the biggest banks in Australia in the office. The CEO of that bank said to Garlinghouse, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll take it!”

“A number of prominent people, even Steve Wozniak, has said that he sees a world where Bitcoin is the primary currency. I think that’s absurd. I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.”

He continued stating;“I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin” he said referring to the enormous power controlled by mining pools like Antpool.

“How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

“I own bitcoin,” said Garlinghouse. “Many people consider it as digital gold. I acknowledge, I’m long crypto. I’d advise folks to only invest in crypto only what you’re willing to lose. It’s early to tell how it is going to play out. I think it’s a pretty good investing strategy.”

Garlinghouse paused for a moment, then added “I’m not an investing advisor – ignore everything I just said!” The crowd erupted in laughter.

Garlinghouse concluded stating Bitcoin and the global cryptocurrency and blockchain industries are still in early stages of development.